The number of days that have passed since the beginning of the New York on PAUSE (March 23, 2020)
My last post prompted a number of questions & then conversations with individual clients around interpretations of the rules related to the real estate market under New York on PAUSE. You, too, may be wondering how I would handle your particular situation. I layout my approach below.
The newest numbers show a rise in the "success rate" - the number of properties that have taken an offer as a percentage of the number of properties listed for sale since March 23, 2020. The number of properties listed for sale dropped a bit compared to the last report. All the details are below.
Just a few days ago I read a blog post by a reliable source with some important advice about mortgage payment forbearance during the pandemic. I'll give you a quick summary of the letter along with a link to the full details.
If you are willing to spend 15-30 minutes reading an analysis of actions necessary to halt COVID-19 and then reopen the economy, I strongly recommend you check the information and links below.
As always, I am available to talk privately with you about your particular real estate situation.
Call, text or FaceTime: 585-732-1767. Email: firstname.lastname@example.org
I'm hosting a Zoom meeting to answer your general questions and talk about the local real estate market.
Monday, April 20, 2020 at 7:00 pm - CLICK HERE TO JOIN THE MEETING
Meeting ID: 585 732 1767
My real estate services under NY on PAUSE explained.
My last post on the ways NY on PAUSE was being interpreted left some clients with questions. They contacted me asking what the various interpretations meant for their particular situation as well as a for a clarification about how I will conduct my business. Here's the answer in a nutshell: "informed service customization."
Now as ever I will take a consultative approach. First, I will listen.
Then we will discuss the NY on PAUSE rules and the various interpretations I'm seeing out the marketplace. We will review the advantages and disadvantages of each option along with all the other considerations necessary for you to make informed choices. In the end you will decide what's best. I will implement your plan as you direct.
Bottom line: The real estate services I provide to you will be customized to suit your particular interests; maximize the benefits to you and minimize any foreseeable downside risks.
I have learned it's best to make a plan, implement the plan, remain flexible, consider the results along the way, and adjust as necessary until you reach your goals.
Key real estate numbers in Monroe County for single family homes, townhouses and condominiums:
The real estate market in 2020 under the New York on PAUSE restrictions:
The real estate market in 2019:
My observations on these updated numbers.
The number of property listings in 2020 and the number of properties under contract in 2020 remains very, very low compared to last year.
If the success rate continues to rise over time and becomes a trend, it will indicate:
It's still far too early to know which way the numbers will trend. For example, if the number of properties listed for sale rises faster than the number or properties taking offers in the coming days, that would put a damper on any advantages for sellers. We have a long, long way to go...
Some advice about "mortgage forbearance":
A couple of days ago a very reliable source, Mike Donoghue (founder, President and CEO of Premium Mortgage Corporation), posted an important alert regarding mortgage payment forbearance on the Premium Mortgage website blog.
Donoghue points out mortgage forbearance isn't NOT mortgage forgiveness. He points out to readers who may want to take advantage of new mortgage forbearance rules there are some significant unfortunate side effects related to borrowers' future creditworthiness. Anyone experiencing cash flow problems may want to look at other options before signing up for mortgage forbearance.
CLICK HERE to read Mike Donoghue's blog post.
If you only have time to read one analysis related to stopping COVID-19 and reopening the economy, read on...
Over the past few weeks I have been following and reading posts by Tomas Pueyo on Medium.com. The site is free. His posts have proven insightful and predictive. If you have time, go back and read his posts from March 1st up to now.
Pueyo will post his analysis of how to re-open up the economy on a serial basis, once each day. Click here to read his most recent post.
I will continue to post updates related to the metro Rochester real estate market during the coronavirus. The situation is changing rapidly. You deserve the most recent information about our real estate market from a source you trust.
I wish you and your loved ones good health and good spirits during this unfortunate crisis!
RE/MAX Realty Group | 10 Grove Street | Rochester, New York 14534 | 585-248-0250